Student Loans

iVillage Member
Registered: 09-27-2004
Student Loans
2
Sat, 11-26-2005 - 9:46am

Hi! I just recently started visiting this board. It's very helpful! I have seen a few posts about student loan deferal. I just finished graduate school and my student loans have started up again. Right now my husband and I have a lot of debt that we are trying to pay down/off. We started out doing very well, then my husband was laid off and has been working jobs that are either contract or don't pay as much as we neeed. He just got a job paying what we will need to start helping with the debt again. It's been very hard to adjust our monthly spending, especially with a baby, but we have been trying!

My question is, for those of you who have defered your loan, how did you do it without being back in school. I was thinking that I might be able to defer my student loan for a year, in order to pay back people we have borrowed money from and to help with our debt.

Thanks for your help!
Karen

iVillage Member
Registered: 02-14-2004
In reply to: krw79
Sat, 11-26-2005 - 11:15am
All you have to do is apply for a "forbearance", which allows you one year of no payments. The interest does continue to accue. When you apply for the forbearance, you simply sign a statement that you are unable to make your payments right now. You don't have to give a reason or any documentation. We did it and it helped us a great deal. The other option is to apply for deferment based upon "economic hardship", but you have to provide income docs, etc. It is good for up to 36 months and I don't know if interest continues to accrue.
iVillage Member
Registered: 02-19-2004
In reply to: krw79
Sat, 11-26-2005 - 12:19pm
Just call your student loan lender and ask them what the process is.

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